Choco Up, a growth financing platform, and Wonder Capital Group, an independent investment management firm, have partnered to launch a series of private credit funds aimed at raising US$50 million.
The funds, led by Wonder Capital, have completed the first close of a US$10 million private credit funding round through the CMAG Private Credit Fund.
The initiative is intended to address the US$2 trillion funding gap for SMEs in the APAC region, where SMEs account for 98% of businesses but contribute only 38% to the region’s GDP.
The partnership aims to support asset-light businesses, particularly in e-commerce, software-as-a-service (SaaS), and technology, by providing alternative financing options.
SMEs in Asia often struggle to access sufficient funding for expansion, limiting their growth potential.
Choco Up and Wonder Capital plan to offer financing solutions that align with business needs, building on Choco Up’s experience in facilitating over US$1 billion in gross merchandise value financing across the region.
The collaboration is expected to enhance Choco Up’s market position and increase access to institutional investors and strategic partners.
The company’s previous financing has supported businesses in expanding operations, launching products, and growing their customer base.
Gigi Chan, Founder and CEO of Wonder Capital said,
“Partnering with Choco Up allows us to tap into the blue ocean of asset-light businesses across APAC. The launch of our private credit fund series has already attracted strong interest from institutional investors, and we expect to continue to raise US$ 50 million.
This partnership aligns perfectly with our vision to foster ecosystem growth and empower businesses, marking the start of a meaningful, long-term collaboration.”
Percy Hung, Founder and CEO of Choco Up, added,
“This partnership goes beyond funding. By leveraging Wonder Capital’s network and resources, we are better equipped to help businesses overcome growth barriers and realise their expansion plans.
Together, we aim to not only support the region’s SMEs, but also deliver a compelling investment proposition for institutional players seeking high-growth opportunities in APAC.”
